He shared this in a recent blog post. According to Jackson Fu, VeChain provides solutions to critical problems that no other cryptographic project has been able to solve.
Fu states that VeChain has been able to form a reasonable ally with larger corporations such as Fresh Supply Co. and Alipay Australia. He also added that VeChain has already convinced government initiatives in the corporate sector on several occasions.
“Alipay uses Trustworthy Immutable Data to validate logistics data independently, rapidly accelerating the speed at which value can circulate through the economy. This simple advancement in blockchain application can potentially disrupt supply chain finance industry as a whole. Creating values for not just producers, buyers, and logistics companies, but financial services companies as well.”
VeChain Continues To Outperform Competitors
According to Jackson Fu, VeChain (VET) has been able to solve the “garbage in = garbage out” problem. He says that a trust problem that is common with the supply chain industry is currently being solved by auditing giants such as DNV GL, PwC, SGS, Intertek, among others. But the use of this service is expensive.
This is where VeChain blockchain comes in with a solution to this trust problem, by making data unchangeable through the involvement of world leaders in quality assurance.
“VeChain has been extremely intelligent in how it addresses this age-old issue. By partnering up with key providers who are leaders of C.T.I. industries such as DNV-GL, PwC, and others, companies are able to ensure the quality of theirs and their supplier’s internal processes, providing assurance for the quality of data entering the blockchain in the first instance.
“By guaranteeing the quality of data, enterprise clients can enable numerous new kinds of collaborative business models. […] This is a win-win situation for both VeChain and assurance giants as the value of trust is now transparent and enhanced for all stakeholders.
“VeChain has a unique structure – there are 101 block producing nodes globally as part of its ‘Proof of Authority’ (PoA) consensus mechanism. This number strikes the perfect balance of decentralization, scalability, and speed, perfectly addressing the blockchain trilemma.”
Going by Fu’s account, VeChain (VET) also provides a simple and indigenous solution to the cost problem through the introduction of the two-token system consisting of VET and VTHO:
“When network activity grows and VTHO gets too expensive as a result of increasing market demand, the cost of a transaction in VTHO terms can be reduced, allowing the network to maintain a stable transaction cost in dollar terms.”
VeChain Solves Custody Problem with Delegation of Fees
Jackson Fu further added that companies that leverage VeChain may choose not to hold or store both VET and VTHO. He states that delegation of fees makes it easy for companies using public blockchains to allow chosen third parties to pay on their behalf. So, this makes it easy for companies to easily use the VeChainThor blockchain just like using any other internet-based services.
“With the invention of the fee delegation, VeChain has successfully removed one of the biggest hurdles to implementation, namely the need to directly manage crypto to pay for the use of the network.
“This new addition completely removes the need for companies to interact with crypto, enabling the widest possible user base for the network by providing a solution for companies in legally grey jurisdictions, like the US and China.”